Pantera Capital: Hyperliquid has the potential to reach a market volume of around $10 trillion per day, and regulation remains the biggest risk

In comparison, according to an article by crypto venture capital fund Pantera Capital, Hyperliquid's potential accessible market size is about $10 trillion in nominal daily trading volume, including about $200 billion in 0DTE options and leveraged ETF transactions, about $2 trillion in commodity derivatives transactions, and about $8 trillion in foreign exchange derivatives transactions, which are currently barely on the chain.

Pantera said that if Hyperliquid continues to obtain a low single-digit share of this combined trading volume, its revenue potential could reach 5 times the current level. According to estimates, if the HIP-3 market were calculated based on an annualized nominal transaction volume of $3650 trillion and obtained 1% market share, Hyperliquid could obtain approximately $3.7 billion in revenue under the assumption of a 2-basis point comprehensive rate and 50% Hyperliquid economic share.

However, Pantera also pointed out that regulation is Hyperliquid's biggest risk. Perpetual contracts have not yet been fully opened in the US. If the US promotes legalization of related products and the launch of regulated platforms in the future, Hyperliquid may face more intense competition, and the trading volume of some US users may also shift to compliant places. Pantera also believes that Hyperliquid may launch a regulated version for the US market in the future like other platforms.